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All Journal PENG: Jurnal Ekonomi dan Manajemen Ekopedia: Jurnal Ilmiah Ekonomi Indonesia Economic Journal
Istigfari, Nafsa Qolbina
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Economics, Econometrics & Finance

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Journal : Indonesia Economic Journal

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Pengaruh Kurs dan Inflasi Terhadap Harga Saham Perusahaan IDX-MES BUMN 17 Istigfari, Nafsa Qolbina; Astri, Astri; Fikriyyah, Syahla Nur; Anggraeni, Sintia; Alfiana, Alfiana
Indonesia Economic Journal Vol. 2 No. 1 (2026): JANUARI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/bd0b7h44

Abstract

This study aims to analyze the effect of exchange rates and inflation on the stock prices of companies listed in the IDX-MES BUMN 17 index during the 2020–2024 period. Exchange rate fluctuations and inflation rates are macroeconomic indicators that frequently influence capital market movements, making it important to examine how these variables impact the stock prices of companies that play a strategic role in the national economy. This study uses secondary data in the form of the rupiah exchange rate set by Bank Indonesia. The exchange rate indicator is the rupiah exchange rate against the US dollar (US$). The annual inflation rate was obtained from the Central Statistics Agency (BPS) and the year-end stock prices of each company (closing price) included in the study sample. This research is quantitative. The analytical method used is multiple linear regression using the e-Views software program. The results show that the exchange rate has a significant effect on stock prices. Meanwhile, inflation has no effect on stock prices.
Pengaruh Nilai Tukar dan Debt to Equity Ratio terhadap Harga Saham pada Industri Makanan dan Minuman di Indonesia Astri, Astri; Istigfari, Nafsa Qolbina; Nur Fikriyyah, Syahla; Anggraeni, Sintia; Alfiana, Alfiana
Indonesia Economic Journal Vol. 2 No. 1 (2026): JANUARI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/vhr1f133

Abstract

This study aims to analyze the effect of the exchange rate (KURS) and the Debt to Equity Ratio (DER) on stock prices in food and beverage subsector companies in Indonesia. Using panel data for the 2021-2024 period using the Random Effects Model (REM) method, this study aims to demonstrate the partial and simultaneous effects of these two independent variables. The results show that the KURS has a positive and significant effect on stock prices, while the DER has no significant effect partially. However, the results indicate that simultaneously, the KURS and DER have a significant effect on stock prices, with an R-squared value of 16,56%, indicating that most of the stock price variation is explained by factors other than the model. This finding emphasizes the importance of exchange rate stability for capital market performance and suggests that leverage structure is not a primary determinant in investor assessments in the food and beverage subsector.
Co-Authors Alfiana Alfiana Amalia, Sinta Anggraeni, Sintia Astri Astri, Astri Fikriyyah, Syahla Nur Lajai, Sri Yulandasari Nur Fikriyyah, Syahla Pujiyanti Pujiyanti